National average gas price drops about 2 cents

CAMARILLO, Calif. - The average price of gasoline fell 1 cents a gallon nationwide during the past three weeks to $1.49, continuing an 11-week trend, an analyst said Sunday.

Gas prices have dropped more than 12 cents since Oct. 20, when the national average was $1.61, said analyst Trilby Lundberg, whose latest Lundberg Survey of 10,000 gas stations was conducted Friday.

Lower prices in crude oil and lower demand for gasoline during the winter months fueled the retail gasoline price drop, Lundberg said.

Prices around the country were down everywhere except in the Midwest, she said. The average price of regular gas at self-serve pumps in Chicago was $1.58, compared with $1.46 in Miami and $1.52 in Los Angeles.

Lundberg said oil companies are waiting for OPEC to meet Jan. 17 to discuss cutting oil production levels, which would tighten the world's overall supply of crude oil and raise prices.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was $1.45 for regular unleaded, $1.55 for midgrade and $1.64 for premium. At full-service pumps, the average was $1.85 for regular unleaded, $1.94 for midgrade and $2.02 for premium.